Background: Detection of smaller thyroid nodules has significantly increased because of the advent of high-resolution ultrasonography. Therefore, accurate characterization of these nodules has gained importance to avoid unnecessary FNACs and biopsies. Aim: To evaluate role of elastography as an adjunctive tool to TIRADS categories in differentiating benign from malignant thyroid nodules with cytological correlation. Methods: 47 patients with diagnosed thyroid nodules were enrolled. USG was done by two independent observers and TIRADS characterization was done. Following this Shear Wave elastography was done for all these nodules and nodules were characterized as benign or malignant. FNAC for cytological correlation was done. Results: TIRADS alone has a sensitivity of 91.67% and specificity of 91.7%, positive predictive value of 93.3% and negative predictive value of 73.3%. When combined with elastography the sensitivity becomes 77.7% and specificity becomes 93.7%, positive predictive value of 93.3% and negative predictive value of 73.3%. Conclusion: Combined efficacy of elastography with ultrasound estimated TIRADS score increases the diagnostic confidence to label malignant vs benign nodule significantly and thus has potential use to reduce unnecessary FNACs.