rāvaṇa, the head of demons, —

 that is, rāvaṇan to die, —

 the leader of demons, hiraṇya, his —

 hiraṇya, king of demons —

 dhĕvĕndhran —

the lord of nithyasūris [ṣrivaikuṇtanāthan] —

 sarvĕṣvaran who is the leader of nithyasūris —

 sarvĕṣvaran who is the lord —

emperumān who has the greatness of being enjoyed by nithyasūris (eternally free souls) —

one who is the ruler —

the supreme lord, who is the leader —

the supreme lord —

one who engaged —

(due to that) being the natural lord —

that is the sarvĕṣvaran; —