vigataviShayatR^ishNa: kR^iShNapAdAshrayAtmA
	dramiDanigamadarshI deshikAnAm pradhAna: |
madhurakavivachobhi: mAnanIyo mamAsau
	shaTaripuriva lokAchAryavaryo vibhAti ||

Meaning:

shaTaripuriva  			- Like Nammazhvar,
vigata viShaya tR^ishNa:  	- who did not have affinity to the lowly matters of this world,
kR^iShNa pAda Ashraya AtmA  	- who had the mind that considers the divine feet of Lord Krishna as its place,
dramiDa nigama darshI  		- who created the Tamil Vedas (Thiruviruththam, ThiruvAsiriyam, Periya Thiruvandhadhi and Thiruvaymozhi),
deshikAnAm pradhAna:  		- who is the most important amongst acharyas,
mAnanIya: 			- who is worthy of being praised and honored
madhurakavi vachobhi:  		- by the verses of Madhurakavi Azhvar,
asau 				- this
lokAchAryavarya: 		- Pillai Lokacharyar
vibhAti  			- is present
mama 				- to me.

Vyakhyana Saram:
In this shloka Swami Desikan is stating that he is saluting Pillai Lokacharyar through his verses just like Madhurakavi Azhvar praised and honored Nammazhvar through his eleven verses known as Kanninun Siruththambu. Thus, Lokacharya Panchasat can be called as Lokacharya Kanninun Siruththambu.

The first three lines of this shloka are about Nammazhvar, but they can also be interpreted as being about Pillai Lokacharyar. Then, the meaning for those lines would be as follows: kR^iShNa pAda Ashraya AtmA - one who surrendered to Krishnapada who is also known as Vadakku Thiruveedhip Pillai; dramiDa nigama darshI - one who understands the Tamil Vedas; madhurakavi vachobhi: - through the sweet verses of poets. This is the poetic excellence of Swami Desikan.