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Hi PavanVX,
Yes, it is possible. To save a modern site as a template, there are two conditions that you must meet:
- Custom script should be enabled for the site.
- SharePoint Server Publishing Infrastructure feature should never be enabled (even if you disable, it will not take effect). So, make sure, this feature was never enabled in the first place.
Once you enable custom script following the steps mentioned in this article, go to Site Settings page, under Site Actions, you will see Save site as template option.
For detailed steps, see Save a site as a template to the solutions gallery
Note*: Including the content of the site can increase the size of the template significantly. The default size limit for a site template is 50 MB but might be less in your organization. You can always exclude the content, and then copy what you need later into the new site.*
If you need any help, let us know.
Regards,
Neha