Is it possible to individually update each module using update.php?
You can't update single module using "update.php".
You can update single module if you installed drush.

List all available modules (except core) with below command.


  drush pm-list --type=module --no-core --status=enabled


Update specified module only.


  drush up 'module-name'


or


  drush pm-update --no-core "module_name"