In the field of thermal non-destructive testing and evaluation (TNDT&E), active thermography gained popularity due to its fast wide-area monitoring and remote inspection capability to assess materials without compromising their future usability. Among the various active thermographic methods, pulse compression-favorable frequency-modulated thermal wave imaging stands out for its enhanced detectability and depth resolution. In this study, an experimental investigation has been carried out on a hardened steel sample used in the ship building industry with a flat-bottom-hole-simulated defect using the frequency-modulated thermal wave imaging (FMTWI) technique. The defect detection capabilities of FMTWI have been investigated from various statistical post-processing approaches and compared by taking the signal-to-noise ratio (SNR) as a figure of merit. Among various adopted statistical post-processing techniques, pulse compression has been carried out using different methods, namely the offset removal with polynomial curve fitting and principal component analysis (PCA), which is an unsupervised learning approach for data reduction and offset removal with median centering for data standardization. The performance of these techniques was assessed through experimental investigations on hardened steel specimens used in ship building to provide valuable insights into their effectiveness in defect detection capabilities.