Hi @sreeji_lal ,
You can use conditional statement to display different images to different set of recipients.
Example:
<% if ( targetData.segmentCode == 'A' ) { %><img src="https://images/myImage_1.png"><% } %>
<% if ( targetData.segmentCode == 'B' ) { %><img src="https://images/myImage_2.png"><% } %>
In above example, image_1 will be displays to recipients with segmentCode A and image_2 to recipients with segmentCode B.
Also if you have integrated with Adobe target, you can able to much more dynamically call the images based on conditions, time factor etc. Refer here for more details