अन्वयः

जगतीनाथ O lord of the world, राघव Rama, जगत्याम् in the world, रत्नविचित्रः one with wonderful and sparkling gems, एवंविधः this kind of, मृगः deer, नास्ति हि does not exist, एषा this is, माया trick, संशयः doubt, न not,

M N Dutt

He is cognizant of illusions, by virtue of which he has assumed this shape, O best of men; its countenance is perfectly fine like the abode of Gandharvas and resplendent like the Sun; there is no such jewelled deer on earth. O Rāghava, O Lord of earth, there is no doubt that this is nothing but illusion.

Summary

O Rama, lord of the world nowhere on earth does exist this kind of wonderful deer sparkling with gems. That it is a mere trick, an illusion there is no doubt.

पदच्छेदः

मृगो	मृग (१.१)
ह्य्	हि (अव्ययः)
एवंविधो	एवंविध (१.१)
रत्नविचित्रो	रत्न–विचित्र (१.१)
नास्ति	न (अव्ययः)–अस्ति (√अस् लट् प्र.पु. एक.)
राघव	राघव (८.१)
जगत्यां	जगती (७.१)
जगतीनाथ	जगती–नाथ (८.१)
मायैषा	माया (१.१)–एतद् (१.१)
हि	हि (अव्ययः)
न	न (अव्ययः)
संशयः	संशय (१.१)

छन्दः

अनुष्टुप् [८]

छन्दोविश्लेषणम्

१	२	३	४	५	६	७	८
मृ	गो	ह्ये	वं	वि	धो	र	त्न
वि	चि	त्रो	ना	स्ति	रा	घ	व
ज	ग	त्यां	ज	ग	ती	ना	थ
मा	यै	षा	हि	न	सं	श	यः