इन्होंने ही प्रचीनकालमें दैत्योंका संहार किया और ये ही दैत्यसम्राट् बलिके रूपमें प्रकट हुए। ये भूतभावन प्रभु ही भूत और भविष्य इनके ही स्वरूप हैं तथा ये ही इस सम्पूर्ण जगतके रक्षा करनेवाले हैं
ime eva prācīna-kāle daityānāṁ saṁhāraṁ kṛtavantaḥ, ime eva ca daitya-samrāṭ bali-rūpeṇa prakaṭitāḥ | eṣa eva bhūta-bhāvanaḥ prabhuḥ; bhūtaṁ bhaviṣyac ca asyaiva svarūpam; sa eva ca asya sampūrṇasya jagato rakṣitā |
Bhishma said: In ancient times, it was these very divine powers who brought about the destruction of the Daityas, and it is they who later manifested as Bali, the emperor of the Daityas. That same Lord—nurturer and source of all beings—embodies both the past and the future; and it is He alone who protects this entire world.
भीष्म उवाच
A single supreme Lord underlies and governs all historical and cosmic transformations: He can subdue destructive forces (the Daityas), can also manifest within their line (as Bali), and remains the sustainer and protector of the whole world, embodying both past and future.
Bhishma is describing the Lord’s overarching power and paradoxical presence in history: the same divine agency that once destroyed the Daityas later appeared as Bali, and that Lord—source of beings and master of time—continues to protect the entire universe.