Exploring the elastic and electronic properties of chromium molybdenum diboride alloys

•First principle study using density functional theory.•The structural properties of Cr1−xMoxB2 diboride where explored using structural search methods.•The mechanical strength of Cr1−xMoxB2 maximizes when x = 50%, with Vickers hardness reaching 27 GPa.•Correlations between elastic constants, mechanical properties and hardness have been discussed.•Crystal orbital Hamilton populations curves were used for chemical bonding analysis.