A portable power tool with a housing, a motor having a motor output member, a driven member and a transmission. The transmission, which is located in the housing, is configured to receive a rotary input from the motor output member and to produce a rotary output that is transmitted to the output spindle. The transmission has a plurality of planetary transmission stages, each of which including a ring gear, a planet carrier and a plurality of planet gears that are supported by the planet carrier for meshing engagement with the ring gear. The transmission further includes at least one member that may be configured in a first condition, which renders at least one of the planetary transmission stages operable in an active mode, and a second condition, which renders at least one of the planetary transmission stages operable in an inactive mode. The transmission is operable in at least three overall speed reduction ratios.