The quadratic embedding constant (QEC) of a graph $G$ is a new numeric invariant, which is defined in terms of the distance matrix and is denoted by $\mathrm{QEC}(G)$. By observing graph structure of the maximal cliques (clique graph), we show that a graph $G$ with $\mathrm{QEC}(G)<-1/2$ admits a ``cactus-like'' structure. We derive a formula for the quadratic embedding constant of a graph consisting of two maximal cliques. As an application we discuss characterization of graphs along the increasing sequence of $\mathrm{QEC}(P_d)$, where $P_d$ is the path on $d$ vertices. In particular, we determine graphs $G$ satisfying $\mathrm{QEC}(G)<\mathrm{QEC}(P_5)$.