Insanely overlooked weapon, S tier without a doubt. A very strong contender AOE weapon for top slot. Has the best Ammo economy of the Kuva explosives, it's really spammable and does crazy damage.

Bane mods are ideal for late game Steelpath as they make [Hunter Munitions] much stronger but if you don't have them, can't be bothered, or a secret third option then [Serration] works well too.
Keep in mind that normal Bane mods are better than [Serration], both for flat DPS and more significantly for [Hunter Munitions] Slash procs. So even if you don't want to invest in maxing Prime Bane mods or just don't have them yet, you can still use the normal versions.

Last slot is really down to player preference, I prefer the burst DPS of having 2 shots in the magazine but there's solid arguments for [Primed Fast Hands] or the [Tonkor] exclusive [Precision Strike].

Unlike more ammo intensive weapons you can get away with just [Vigilante Supplies] post ammo nerf, it's not particularly notable but it is a DPS increase.

+Toxin Lich progenitor is preferred so you only have to use Cryo Rounds to make Viral but if you don't have it then swap out Serration/Firestorm/[Magazine Warp] for [Infected Clip]

As explanation to a comment:
The status is low but in aoe, with multishot and two shots in a magazine you're bound to get procs, especially since this is a very spammy weapon. As the build utilises Hunter Munitions any and all Viral procs improve DPS significantly. If you wanted higher raw damage then Cold/Radiation would be ideal and you wouldn't use [Hunter Munitions], but this build scales much better into late game content, especially into armour.