Tarun Tanwat said:
Now, that sheet is not flat now due to the expansion , I guess. I made a single cut equal to the radius of that round sheet and found that cut now overlaps about 5mm and the sheet becomes flat after cut.
If the sheet is not flat after punching, it will form a cone, or a saddle. It seems you have an overlap near the circumference, so you have a saddle, caused by shrinking of the area that has been punched. Maybe metal has been dragged at the edge of each hole.
There are two remedies to an existing saddle. You can expand the area that has been punched by beating it (to flatten and thin it there), or you can shrink the circumference by heating and quenching, which is more involved.
If you will repeat the punching process many times, you should change the profile of the punch to neither expand nor contract the circumference of each hole as it is punched. Do you lubricate the punch?
"Saw hammering" is an art that involves beating a circular saw blade so that it will be flat when spinning at the working RPM. There are automatic rolling machines available that will flatten circular saw blades by rolling the steel. One of those machines could resolve your problem.
We need to see pictures of the plate you have punched, the overlap after your cut, and the profile of the edge of a punched hole.
Edit: Here is a link to a supplier of rolling machines that show the configuration used.
https://www.williamsandwhiteequipment.com/tensioning-and-leveling