Present paper reports theoretical investigation of less explored nitrides of Iridium and Osmium using semi-empirical model with charge transfer effect (CTE). This work indicates the presence of structural phase transition in these nitrides from zinc-blend (B3) to rock-salt (B1) structure on application of pressure on them. Transitions occurred at 71 GPa and 86 GPa, with sudden drops in volume of 9.54% and 8.35% in IrN and OsN. The effect of pressure on elastic properties for B3-IrN and B3-OsN is investigated for the first time. On the basis of mechanical properties, it is observed that both compounds are ductile in nature. The present study is extended to investigate transition metal alloy IrxOs1-xN via Vegard's law. To widen the applicability of our model and to explore this alloy we report structural, elastic, mechanical and thermophysical properties. The effect of pressure on Debye temperature with different concentration (x = 0, 0.25, 0.5, 0.75, 1) have also been analyzed. The results are in general in good agreement with available theoretical results. (C) 2018 Elsevier B.V. All rights reserved.