Hindu belief is that time is divided into yugs, and in each yug, there were different Avtaars.
In Satyug, they believe, there were Mash, Kurma, Viraha, Narsingh and Vaman Avtaars.
In Treta yug, came Parashuram Ji and Ramchandar Ji.
In Dwapar yug, came Krishan Ji.
In Kalyug, there was Budh Avtaar, and in time to come there will be Kalki or Nehkalunk Avtaar.
All these Avtaars were believed to be confined in their particular epoch.
Bhagat Ji uses the imagery of the Avtaars in this Shabad, but you will note, he is speaking of acts done by a Single God in different time epochs. Nirankar Ji is beyond time and space, and not confined to any yug. He cuts across the swathe of time.
As for Kalki Avtaar, Sikhism does not believe in a Redeemer Avtar descending to sort out the wrongs in the world. There is One God whose Ves, (Nature, Hukam) is the same throughout the ages. “Jug Jug Eko Ves.”
In the Bhatt Sawaiyye (Sawayiee), Bhatt Gayand Ji at Angg 1403 says
These swaiyyes are in praise of Satguru Ramdas Ji and God.
As the swaiyya says, Neklunk Avtaar is already present in God, and the Satgurus, and one does not need to wait for some Saviour to come as Avtaar from the skies. Whatever Saviour one may need, can be found in the Guru’s Shabad.(which in essence is Nirankar Ji, Himself – “Vah Vah Bani Nirankar hai Tis jewad avar na koye.”- Ang 515).
In this Shabad, Bhagat Ji addresses the All Pervading Lord as “Madho” i.e. Dav of maya, Lord of maya, God Himself.
O my Father, Lord of maya, blessed are You, Long Haired, Sable Coloured, and my Beloved.
“Maro Baap Madho Tu Dhan Keso Sanwaliaye Bithaliaye.”(rahao).
Holding the chakra in Your Hands, You came down from Your Abode and saved the life of the elephant. (this is in Satyug)
“Kar dhare chakar Baikunth te aaye gajj hasti ke pran udharialey.”
In the court of Dushasan, You saved the honor of Draupati as her clothes were being removed. (this was in Dwapar yug).
“Dushasan ki sabha Draupati ambar leth ubarialey.”
You saved Ahiliya, the wife of Gautam. (this was in Treta yug). You have purified and carried many across.
“Gautam naar Ahiliya tari paavan ketak taarialey.”
Such a lowly outcaste Namdeo has come to Your Sanctuary.
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