A method of executing a downshift in a fixed-gear powertrain having an input node and an output node related by a starting speed ratio before the downshift and a finishing speed ratio after is provided. The downshift includes a torque phase and an inertia phase. A starting output torque is calculated as a function of a starting driver request. An electric machine applies a starting regenerative input torque which is calculated as substantially equal to the starting output torque divided by the starting speed ratio. A finishing output torque is calculated as a function of a finishing driver request. The electric machine applies a finishing regenerative input torque which is calculated as substantially equal to the finishing output torque divided by the finishing speed ratio.