Microwave Non-Destructive Testing (NDT) techniques for dielectric coatings are vital processes in many industrial applications due to their superior defect detection capabilities over traditional NDT methods. However, the limited bandwidth and post-processing complexities of these techniques cause them to fall short of accurately estimating the delamination thickness in such structures. In this paper, a novel low-complexity signal processing method is proposed to estimate the delamination thickness in metalbacked dielectric coatings using bandwidth-limited Open-Ended Rectangular Waveguide (OERW) probes. Here, Inverse Fast Fourier Transform (IFFT) process is used to convert the measured complex reflection coefficients at the surface of the coating to the time domain. Next, the amplitude of a specific time step is used to accurately estimate the delamination thickness without extra time-consuming processing. Using a 3 mm-thick macor samples with machined defects, the proposed technique is validated by correctly estimating delamination thickness down to 0.4 mm using an OERW probe with 13.5 GHz bandwidth. Hence, this technique overcomes the challenge of the OERW's limited bandwidth, which highly affects the possibility of tracking shifting in the peak reflection in the time domain. Moreover, the proposed method does not add to the complexity of the NDT process, which makes it suitable for in-situ real time applications. Hence, following this approach would be of great importance to numerous industries, where accurate thickness estimation of minute delamination in coatings is essential to avoid system failure.