Hi @syed_sme,
Yes, that would be possible by using an Send an HTTP request to SharePoint action and using the Folders method with a filter. If the outputs of that action is empty it is safe to assume the folder doesn't exist and you can create it.
Below is an example of that approach.
1. Use an Send an HTTP request to SharePoint action. Use the following URI.
_api/web/GetFolderByServerRelativeUrl('/sites/@{variables('SiteName')}/Lists/@{variables('ListName')}')/Folders?$filter=Name eq '@{variables('FolderName')}'
I used a couple of variables, you can either replace those by your values or also recreate them in your flow setup.
2. Add a Condition action. Check the length of the outputs. If that is equal to zero it means that no folder with that name is found.
length(outputs('Send_an_HTTP_request_to_SharePoint')?['body']['value'])
3. In the If Yes section add a Create new folder action.

Hopefully this helps to get you started with your setup.