Current Zero-Shot Temporal Action Localization (ZSTAL) methods, whether training-based or training-free ones, still predominantly rely on a single, unified query to localize an entire action. This unified representation is fundamentally ill-suited for complex real-world activities, as it fails to capture their internal compositional structure and adapt to dynamic, multi-stage variations across videos. To address this, we regard ZSTAL as a compositional reasoning task and introduce CASCADE, a Context-Aware Staged Action DEcomposition framework. Inspired by the human cognitive process of perceiving context, decomposing events, and reconstructing instances, CASCADE follows a training-free pipeline. It first perceives the video's context by leveraging a Multimodal Large Language Model (MLLM) to both filter out irrelevant actions and then generate a rich, video-specific caption for each action present in the video. An LLM then decomposes this caption into multiple, temporally ordered stages, which serve as fine-grained queries to guide the MLLM in estimating frame-level confidence scores. Recognizing that this decomposition can fragment a single action, a novel hierarchical merging logic then reconstructs complete instances by intelligently fusing these preliminary temporal segments based on their semantic progression and coherence. Extensive experiments and ablation studies on THUMOS14 and ActivityNet-1.3 show that CASCADE not only sets a new state-of-the-art among training-free methods but, most notably, significantly outperforms all prior training-based approaches on ActivityNet-1.3.