Spectral distortions in the cosmic microwave background over the 40--200~MHz band are imprinted by neutral hydrogen in the intergalactic medium prior to the end of reionization. This signal, produced in the redshift range $z=6-34$ at the rest frame wavelength of 21 cm, has not been detected yet; and poor understanding of high redshift astrophysics results in a large uncertainty in the expected spectrum. The SARAS~2 radiometer was purposely designed to detect the sky-averaged 21-cm signal. The instrument, deployed at the Timbaktu Collective (Southern India) in April--June 2017, collected 63~hr of science data, which were examined for the presence of the cosmological 21-cm signal. In our previous work the first-light data from SARAS~2 radiometer were analyzed with Bayesian likelihood-ratio tests using $264$ plausible astrophysical scenarios. In this paper we re-examine the data using an improved analysis based on the frequentist approach and forward modeling. We show that SARAS~2 data rejects 27 models, out of which 25 are rejected at a significance $>5\sigma$. All the rejected models share the scenario of inefficient heating of the primordial gas by the first population of X-ray sources along with rapid reionization.