Eternal among the ephemeral, consciousness among the conscious, who being one grants desires to many; to those wise ones who perceive Him seated in their own Self, to them belongs eternal peace, not to others.

This verse establishes a hierarchy of reality: the nitya (eternal) amidst the anitya (ephemeral, transient). All that is born and dies in time is temporary; only the Ātman remains immutable, the immortal witness of all appearances and disappearances.

The cetana (conscious) among conscious beings—including Brahmā and all deities—is the very source of consciousness. Just as the heat of fire imparts the water’s capacity to warm, the consciousness of Ātman illuminates all minds. Without this single source, no experience would be possible.

The śāntiḥ śāśvatī (eternal peace) is different from ordinary happiness. Happiness depends on external circumstances; peace is independent of conditions. The yogi who knows the Ātman as their own nature does not seek peace—they recognize it as what has always been, hidden only by identification with the temporary and changing.