A shaped charge casing cutter is constructed with the cutter explosive formed into radial section modules aligned in a toroidal cavity between a pair of housing plates. The center sections of the housing plates are contiguously aligned with opposite parallel surfaces of a center disc. The housing plates comprise annular edges or rims, and the rims can be offset from respective center disc planes in opposite directions from each other to form a toroidal cavity. The toroidal cavity is enclosed by a circumferential belt secured to said housing plate rims. V-grooved shaped charge explosive in the form of multiple pi sections is distributed about the cavity to intimately contact a pair of frusto-conical liners. Assembly tolerance space between the pi sections is filled by dense paper card stock.