In high-dynamic range (HDR) analog-to-digital converters (ADCs), having many quantization bits minimizes quantization errors but results in high bit rates, limiting their application scope. A strategy combining modulo-folding with a low-DR ADC can create an efficient HDR-ADC with fewer bits. However, this typically demands oversampling, increasing the overall bit rate. An alternative method using phase modulation (PM) achieves HDR-ADC functionality by modulating the phase of a carrier signal with the analog input. This allows a low-DR ADC with fewer bits. We've derived identifiability results enabling reconstruction of the original signal from PM samples acquired at the Nyquist rate, adaptable to various signals and non-uniform sampling. Using discrete phase demodulation algorithms for practical implementation, our PM-based approach doesn't require oversampling in noise-free conditions, contrasting with modulo-based ADCs. With noise, our PM-based HDR method demonstrates efficiency with lower reconstruction errors and reduced sampling rates. Our hardware prototype illustrates reconstructing signals ten times greater than the ADC's DR from Nyquist rate samples, potentially replacing high-bit rate HDR-ADCs while meeting existing bit rate needs.