Coach Willie Mullins enjoyed a couple of shock victories in the other competitions of the first course.
In the novement obstacle champion, the 18-1 shot Iranchy drove a two-three and four for Mullins.
Cheltenham’s winner, Kopek Des Bordes, had been the big favorite of the race but finished fourth, with Iranchy winning by nine lengths ahead of Stabemats Salvator Mundi and Karbau.
“Irancy was always a good horse and found a setback after winning here at the beginning of the season, but it could be the best thing that had happened when it came here,” Mullins told RTE.
“I gave Kopek Des Borders a good break after Cheltenham and probably gave him too much and should have taken him somewhere like Ayr or Perth.
“Looking at it in the parade ring, I thought I was carrying too many conditions and showing today.”
Mullins, training five of the eight riders, also enjoyed a two in the charms of champion.
Champ Kiery (22-1) took the lead in the penultimate fence before winning by six and a half of 11-8 favorites Ballyburn.
On Wednesday, Galopin des Jams will be the main attraction as it intends a first Punchestown Gold Cup.