गभस्तिचक्रस्य मध्ये सूर्यात्मना स्थित इति गभस्तिनेमिः ।सत्त्वं गुणं प्रकाशकं प्राधान्येनाधितिष्ठतीति, सर्वप्राणिषु तिष्ठतीति वा सत्त्वस्थः ।विक्रमशालित्वात्सिंहवत् सिंहः; नृशब्दलोपेन 'सत्यभामा भामा' इतिवद्वा सिंहः ।भूतानां महानीश्वरः, भूतेन सत्येन स एव परमो महानीश्वर
In plain words
He stands at the hub of the wheel of rays, present there as the sun's very self — so He is Gabhastinemi. He presides above all over sattva, the strand of clarity that lets everything be seen; or He simply dwells in every creature that breathes — either way, He is Sattvastha. He carries a lion's prowess, so He is Siṃha, the Lion; or His name Nṛsiṃha is shortened by dropping the 'nṛ', just as Satyabhāmā is called Bhāmā — and so, Siṃha. He is the great Lord of all beings; or take bhūta in its other sense, the real, what actually is — then He alone is the supreme great Lord.
Close to the Sanskrit
Because He abides, as the Sun's own self, in the middle of the wheel of rays — thus, Gabhastinemi. Because He presides chiefly over sattva, the illuminating quality — thus; or because He abides in all breathing creatures — thus, alternatively: Sattvastha. Because He is endowed with prowess, like a lion, He is Siṃha; or, by elision of the word 'nṛ', as in 'Satyabhāmā' [called] 'Bhāmā', He is Siṃha. The great Lord of beings [is Bhūtamaheśvara]; or, by 'bhūta' meaning 'the real', He alone is the supreme great Lord.