The Mudgala Upanisad is structured into four chapters. The first part opens with nine slokas which references and presents the Purusasukta from the Rigveda chapter 10.90, stating it to be the foundation of Vaishnavism and asserting that Vishnu is the Purusha, or primordial person. The second part of the text is structured in prose form, presenting it as a discourse from Vasudeva (Vishnu) to Indra who represents the inhabitants of the universe seeking moksha (liberation). The teachings in the text, states Gonda, resonate with the main tenets found in the Hindu epics and post-epic, especially pancharatra literature.