pyModSlave is a free, Python-based Modbus slave application for simulation purposes. It supports Modbus RTU and TCP, includes a built-in bus monitor for examining all traffic on the bus, and can be run as a Python module or as a standalone GUI (Windows only — unzip and run, no installation required).
pyModSlave is based on modbus-tk, pySerial, and PyQt5.
The repository has moved to GitHub: https://github.com/elbarbas/pyModSlave.