A punch assembly includes a punch, a sleeve, a draw stud and a die. The punch has a punch profile which provides a cutting edge that has a uniform “sharpness” along entire perimeter of the punch. The punch assembly provides additional punch-to-die clearance over what was done in the prior art. This reduces excessive punching forces which result from axial deflection of the draw stud and “tipping” of a large diameter punch as the draw stud deflects under a load.