pon thigazhu mEnip purisadai ampuNNiyanum
ninRulagam thAya nedumAlum - enRum
iruvarangkaththAl thirivarElum oruvan
oruvan angkaththu enRum uLan

Meaning:

am puNNiyanum 			- Rudra who possesses the beautiful good deeds
pon thigazhu mEni 		- who has the form that shines like gold
puri sadai 			- and who has locks of hair, and
ninRu ulagam thAya nedumAlum 	- Sriman Narayana who stood and measured all the worlds
enRum iruvar angkaththAl 
  thirivarElum 			- may always have two separate forms;
oruvan 				- (but) Shiva
enRum 				- forever
uLan 				- gains his existence
oruvan angkaththu 		- through the divine body of Sriman Narayana.

Vyakhyana Saram:
Azhvar is asked - Can you speak lowly of Rudra; has he not attained the name Ishvara and is responsible for the act of destruction? Azhvar replies - Rudra's capacities are not false; but they were attained by being the body of the supreme Lord and are not natural to him.