Remotely connecting PostgreSQL on Windows Server - psql: could not connect to server: Connection timed out

I am setting up PostgreSQL on the company's test VM. One is database VM running Windows Server 2016 contains other databases like SQL Server. I set up Postgres 10.15 and set listen_addresses = '*' in postgresql.conf and added these lines in pg_hba.conf

host    all       all         0.0.0.0/0          trust
host    all       all         ::/0               trust

I was trying to access with psql command psql -h <VM IP> -p 5432 -U postgres but it shows:

psql: could not connect to server: Connection timed out (0x0000274C/10060)
    Is the server running on host "<VM IP>" and accepting
    TCP/IP connections on port 5432?

This command works when executed on the machine where Postgres is installed. But doesn't when I try to access it remotely.

After looking into several answers, I created inbound rules to open port 5432 in Windows Firewall, still no luck.

I want to connect my spring boot application running on another VM (Windows Server 2019). Everything works on local If I keep database and application on same machine.

I am using Windows 10.

Am I missing something in this?