Who sees the Supreme Lord established equal in all beings, the immortal remaining in the perishable, he truly sees.

True vision (darśana) perceives the parameśvara — Supreme Lord — equally present (samam) in all beings, regardless of outer differences.

The avināśyantam — immortal — dwells within the vināśyatsu — perishable. This vision transcends identification with the body-mind complex.

Sa paśyati — he truly sees — indicates that ordinary perception sees only surface differences. True knowledge perceives the underlying unity of all existence.