You can project textures with world cordinates inside PP, but you will use multiple explosions so the idea of PP material is out.
I meant I cannot replicate the material because in 4.22 its impossible to get modulate on decal material, only translucent. I have an idea tho, can you try to mask the stencil like the screenshot I uploaded instead using the IF node and connect it to a new lerp instead? Just for a test.
