I would consider one of these Ø24mm Hole Saw Cutter High Density Carbide Teeth for Stainless Steel Metal available for about £10 when searched for on line.
As an alternative at a higher price Ø24mm Rotabroach mini cutter and matching arbor.
Rotabroach mini cutters
You need the RA118 arbor for cutters over Ø21mm.
Rotabroach are more expensive but are made to accurate diameters.
The pipe fitters where I used to work used them on 316L stainless pipes in preference to drills.
These types of hole saws are better for sheet metal than drills when the diameter is a multiple of the thickness as is the case here.
Martin C