nAvinAl naviRRu inbam eydhinEn
mEvinEn avan ponnadi meymmaiyE
dheVu maRRaRiyEn kurugUr nambi
pAvin innisai pAdith thirivanE

Meaning:

nAvinAl naviRRu 		- Praising Nammazhvar with my tongue, 
inbam eydhinEn 			- I gained great happiness, 
mEvinEn avan ponnadi meymmaiyE 	- which is surrender at his divine golden feet.
dheVu maRRaRiyEn kurugUr nambi 	- I know of no lord other than the Kurugur Nambi (Nammazhvar). 
pAdith thirivanE 		- I will wander everywhere singing
pAvin innisai 			- the sweetness of Nammazhvar's pasurams.

Vyakhyana Saram:
In this pasuram, Sri Madhurakavi Azhvar says that one can attain the supreme goal, in this world itself, with this body, by using the means of Nammazhvar's greatness alone. He says that Nammazhvar's pasurams alone have become everything to him in his journey.

nAvinAl naviRRu:
To reach Him one has to exclusively focus on Him via one's mind, one's word as well as other parts of one's body ("mana: pUrvo vAguttara:"). Sri Madhurakavi Azhvar reaches the same goal that is obtained doing the above, by simply speaking about his acharya.
He says that nothing else is needed, just the use of his tongue in uttering his acharya's words is sufficient.
Is it not the goal of a person for having obtained a tongue, to praise his acharya who has done so much for him ("pratyakshe gurava: stutyA:")? Madhurakavi azhvar says that he has reached that goal.
It is not only important for all souls to keep praising their acharya; it is actually their duty. Madhurakavi azhvar says that he has performed his duty.
In the previous pasuram he had said that his acharya's words will sweeten his mouth forever. Now he is saying the same that his mouth and heart have been sweetened by reciting his acharya's words.

inbam eydhinEn:
He says that he has now reached that height of happiness. That is, attachment to his acharya's lotus feet ("kOlamAm en sennikku un kamalamanna kuraikazhal"). They have now become everything to him. There is no higher truth than those for him.
The same higher truth that Nammazhvar obtained ("vIvilinbam migavellai nigazhnthanan mEviyE")was obtained by Madhurakavi Azhvar just by the recitation of Nammazhvar's pasurams. When it remains that even a single word uttered creates many karmas and it takes several births to cleanse those karmas, Madhurakavi Azhvar says that Nammazhvar's words have removed all his karmas from all his births and led him to the highest truth.

mEvinEn ponnadi:
Madhurakavi azhvar surrenders at the divine feet of Nammazhvar and is attached to that only.
His acharya's feet have become everything to him, including removing the ignorance in this world and doing purushakaram in the other world.

meimmaiyE:
He says that this is the truth ("vignyapanamidam satyam").

maRRaRiyEn:
Since there is nothing to him other than his acharya's feet, he says he knows nothing else.
Since the rest is nothing to him, he simply declares them as "maRRu" - other, without naming them (similar to anyatra in "bhAvo nAnyatra gacchati").

dhEvu maRRaRiyEn:
He says there is no attachment other than to Nammazhvar. Here other ("maRRu") means not just things of this world but it includes the other worlds and even Him.

kurugUr nambi:
Once he has developed attachment to Namamzhvar's feet, he has no need to develop attachment to anything else including Him. Therefore, he talks of Nammazhvar as a pUrnar (complete in all respects).

pAvin innisai:
Leaving the wealth of this world as well as the knowledge of the soul, leaving Him as only the first step and leaving even Nammazhvar who is the last step in the supreme goal seeked, leaving Nammazhvar's verses, Sri Madhurakavi Azhvar gets attached to the music of those verses and states that that music is sufficient for his journey through all worlds (similar to "theivaththaNNanthuzhAyth thArAyinum thazhaiyAyinum thaNkombathAyinum kIzhvErAyinum ninRa maNNAyinum koNdu vIsuminE").
That music of those verses, the sweetness of that music alone is sufficient for all his journeys.

pAvin innisai pAdith thirivanE:
Madhurakavi Azhvar travels speaking Thiruvaymozhi, it's music and the sweetness of its music and that alone has become everything for him.