रघुनन्दन: Rama, यज्ञघ्नान् obstructors of sacrifice, राक्षसान् rakshasas, सर्वान् all, हत्वा having killed, पुरा formerly, विजये when victorious, इन्द्र: यथा like Indra, तत्र there, ऋषिभि: by saints, पूजित: was worshipped.

Having killed the rakshasas, obstructors of sacrifices, Rama was worshipped by the hermits like Indra was honoured in the past when he was victorious.