Hi Arun,
Inside of the target VM, in Windows Firewall with Advanced Security (wf.msc), do you have ICMP Echo request (ICMPv4-In) Inbound rule enabled for the correct Profile(s)? There could be multiple rules that would allow this, you just need to enable at least one on correct Profile(s).
For example, File and Printer Sharing (Echo Request - ICMPv4-In) or Core Networking Diagnostics - ICMP Echo Request (ICMPv4-In).
After enabling ICMP inbound rules inside of the target VM, please try to ping the IP address from another VM and see if you receive replies.
Please click Accept Answer and upvote if the above was helpful.
Thanks.
-TP