उपपन्नः come, गुणोपेतः endowed with all virtues, भवान् yourself, यस्य मम you to me, सखा friend, अहम् I am, सर्वथा in all respects, देवतानाम् of gods, अनुग्राह्यः worthy of favour, संशयः doubt, न no.
'Since one like you endowed with all virtues has become my friend I am (now) worthy of grace of the gods in all respects. There is no doubt.