Apparatus and associated methods relate to modulating a duty cycle in each of N interleaved power stages in response to determination whether a phase current is above or below an average of all phase output currents. In an illustrative example, the duty cycle modulation may increase or decrease delay on either the leading or trailing edges, which may fine-tune the phase PWM signal to correct the phase current to the average phase current. The modulation may be determined by comparing, for example, the voltage polarity across a resistor that extends between a signal representative of average phase current (IMON/N) and the corresponding phase current. By using the delay modulation engine, a power stage may locally and autonomously change the pulse width of a PWM signal to substantially balance phase currents among all of the interleaved power stages.