महाप्राज्ञ: highly learned, मतिमान् wise, स: Valmiki, मतिं चकार thought, स: मुनिपुङ्गव: that preeminent one among sages, चिन्तयन् pondering,शिष्यम् addressing his disciple, इदम् this, वाक्यम् statement, अब्रवीत् च and said.

Very wise and learned, he (Valmiki), preeminent among sages, pondered over it (for a while) and spoke these words to his disciple.