अन्वयः

श्रीमान् majestic, एषः this one, मृगश्चैव that deer too, नभश्चरः flying in the sky, यश्च whoever, दिव्यः divine, दिव्यौ both are divine, एतौ these two, तारामृगमहीमृगौ deer of the stars and deer of the earth, उभौ both, मृगौ deer.

M N Dutt

Truly handsome in this deer and the one that range in the welkin, indeed these two deer only are celestial—the one that range in the sky* (Mrgasirā) and this that range on earth. This refers to Mrgaşiră, the fifth lunar constellation which resembles a deer.

Summary

This majestic deer and the deer flying in heaven (the deer's figure seen in the Moon called Mrgasira) both the deer of the star in the sky and the deer of the earth are divine.

पदच्छेदः

एष	एतद् (१.१)
चैव	च (अव्ययः)–एव (अव्ययः)
मृगः	मृग (१.१)
श्रीमान्	श्रीमत् (१.१)
यश्	यद् (१.१)
च	च (अव्ययः)
दिव्यो	दिव्य (१.१)
नभश्चरः	नभश्चर (१.१)
उभाव्	उभ् (१.२)
एतौ	एतद् (१.२)
मृगौ	मृग (१.२)
दिव्यौ	दिव्य (१.२)
तारामृगमहीमृगौ	तारामृग–महीमृग (१.२)

छन्दः

अनुष्टुप् [८]

छन्दोविश्लेषणम्

१	२	३	४	५	६	७	८
ए	ष	चै	व	मृ	गः	श्री	मा
न्य	श्च	दि	व्यो	न	भ	श्च	रः
उ	भा	वे	तौ	मृ	गौ	दि	व्यौ
ता	रा	मृ	ग	म	ही	मृ	गौ