From inside the engine directory:
Build\BatchFiles\RunUBT.bat Target -Module=Module1 -Module=Module2 Platform Configuration “C:\absolute\pathto.uproject” -waitmutex
Platform is like Win64
Configuration like Development, DebugGame etc.
Each module you want to build gets passed in with -Module=.
If you’re interested in what argument options are available, they are defined in the Source\Programs\UnrealBuildTool\Configuration files like for example TargetDescriptor.cs where “-Module=” is a CommandLine attribute. Not all of the arguments are attributes though, but you can search for them by finding instances of: "-.