The Narayana Sukta opens with the same image as the Purusha Sukta — the thousand-headed cosmic being — but here the name is Narayana. He is all-eyed (seeing everything), beneficent to all (Vishva Shambhu), and he is the very universe itself.
The name Narayana comes from 'nara' (beings / waters) and 'ayana' (abode / refuge). He is the one in whom all beings abide, and who abides in all beings. He is not above the world looking down — he is the innermost substance of all that exists.
The verse ends with a statement: Narayana is the akshar — the indestructible — and the paramam padam, the supreme state. Beyond all change, beyond all dissolution, that is where Narayana is.