अयम् this, विषादस्य disconsolate, कालः time, नःnot, इति now, सञ्चिन्त्य realizing, लक्ष्मणम् Lakshmana, परिवीक्ष्य observing, राघवः Raghava, रावणस्य Ravana's, वधे destruction, धृतःdetermined, महता great, सर्वयत्नेन all efforts, सुतुमुलम् fierce struggle, युद्धम् battle, चक्रे started

Realizing that this is not the time to be disconsolate, observing Lakshmana's efforts, Raghava resolved to destroy Ravana and started a fierce struggle.