A multiphase regulator which includes an output node developing an output voltage, a feedback circuit determining error of the output voltage and providing a compensation signal indicative thereof, at least three phase circuits coupled in parallel to the output node, and an adaptive controller. Each phase circuit includes a modulation circuit and a switch circuit. Each modulation circuit receives the compensation signal and generates pulses on a corresponding one of the pulse modulation signals. Each switch circuit is coupled to the output node and is controlled by a corresponding pulse modulation signal. The adaptive controller is responsive to a load indication signal, such as indicating a low load condition, and drops operation of at least one of the phase circuits and adds at least one pulse to a pulse modulation signal of each remaining phase circuit.