vishvam shubhAshrayavadIsha! vapustvadIyam
	sarvA girastvayi patanti tatosi sarva: |
sarve cha vedavidhayastvadanugrahArthA: 
	sarvAdhikastvamiti tatvavidastadAhu: ||

Meaning:

Isha 				- O Deepa Prakasha!
shubhAshrayAvat 		- Like Your form, 
vishvam 			- this whole universe
tvadIyam vapu: 			- is Your body. 
sarvA gira: 			- All speech 
patanti 			- end 
tvayi 				- in You. 
tata: 				- Therefore, 
asi 				- (it is appropriate to say) that You are everything. 
sakala 				- All
veda vidhaya cha 		- Vedic ordinances 
tvad anugraha arthA: 		- were made to attain Your grace. 
tat 				- Therefore 
tatva vida: 			- those who possess true knowledge 
Ahu: 				- say 
sarva adhika iti 		- that You are the supreme.

Vyakhyana Saram:
This shloka too shows the supremacy of Sriman Narayana. He is the supreme because He has everything as His body, all words refer to Him and all actions and rituals are toward Him.

The Lord's divine form is called by our acharyas as "shubhAshrayam". Some sampradhayams claim that Ishavara and prakruti are seperate and independent. Some say that the jIva is independent from Him. Our sampradhayam does not accept that. sharIra shArIraka bhAvam is a cornerstone of our sampradhayam. That is, this entire universe is His body and He stays as antaryAmi inside everything.

He is "akAra" vAchyan. The akshara "a" in praNavam refers to Him. Mumukshuppadi says "idhil akAram sakala sabdhaththukkum kAraNamAy nArAyaNa padhaththukku sangrahamAy irukkaiyAlE, sakala jagaththukkum kAraNamAy sarvarakshaganAna emperumAnaich sollugiRadhu". Since all sabdhams come out of akAram and end in akAram, it is clear that all speach, words and sabdhams refer to Him.

There are many Vedics vidhis that appear to be targeted to other devatas. By His own words in Bhagavad Gita, they all are targeted to Him only. Because He is the one who acts from inside those devatas as well and gives them their power. This is what Azhvar meant by saying "avar avar iRaiyavar kuRaivilar iRaiyavar, avar avar vidhi vazhi adaiya ninRanarE".

This is why the njAnis say that Sriman Narayana is the supreme.