The literal translation of
Jai, from hindi to engish is
victory or victorious, and "Bhagavan, also written Bhagwan or Bhagawan, from the Sanskrit stem bhaga-vant,
literally means "possessing fortune, blessed, prosperous" (from the noun bhaga, meaning "fortune, wealth","god"), and hence "illustrious, divine, venerable, holy. It is a greeting that basically means may the bhagavan - divine, prosperous, etc - in you be victorious.