Winning a typical Case Study competition requires you to do the case solving exercise

with your team mates and then present the solution before the judges.

The Case Solving Exercise:

Case studies (or case study competitions) generally give you a business situation where you
will have to analyze a well-defined or semi-defined problem and come up with a
proposal/solution. Analysis and solution are both integral parts of a case solving
exercise - none is more important than the other.

The usual way we proceed with analysis is by

defining the objectives in terms of a key variable (e.g., improving the sales,
improving profits, increasing market share, etc.)
understanding the problem/situation (e.g., the industry, the geography, other
players, market shares, timeline of the problem, etc.)
finding out the drivers of the key variable and digging further to find the root
cause(s) of the problem. Brownie point if you use some basic
economic/marketing/HR concepts to arrive at your root-cause(s).
figuring out which of these root causes will have the highest impact and the
possible ways to tackle that (possibly by utilizing existing capabilities or building
new capabilities) with minimal effort.

And that lands us in the most practicable/feasible solution(s). Prioritize those by finding the
ones with greatest impact. Brownie point if you actually go ahead and plan out a
detailed implementation timeline for the proposal you are putting forth.

(N.B. - A case-based interview also involves all of these steps.)

The Presentation
The presentation is more than the deck (the ppt or keynote file) - it also encompasses the
way your team presents it. From my experience, majority of students from Indian
management schools have a hard time making a good presentation - be it the deck or on the
stage.

For the deck, keep these points in mind

The flow of information presented should logical and intuitive.

No need of using jazzy colors or out-of-the-world animations if they destroy the
professionalism of the deck. Try to use subtle color schemes and a lot of
charts with proper headers and axes titles. I have seen a great number of
grey scale presentations that look damn professional. (see: Page on
spin.mohawkcollege.ca )
This might be just me - but use professional typefaces. Don't - for heaven's sake -
use Comic Sans or Monotype Corsiva if the deck doesn't ask for it. My go-to
typeface is Gill Sans or CMU Serif with some good looking slab-serifs depending
on the topic.
Use talking-headers/action-titles. They essentially summarize the slide in one
sentence. Brownie point: If you can build a deck where the action-titles
of all slides can be put together to make a coherent paragraph of
story, then you have nailed it.

For the on-stage performance,

Get into your best suit.

The number of presenters should be more than one (unless it's an individual
competition). But keep in mind, quality of presentation is more important
than the number of people presenting it. If you believe, you along with
another teammate can make the best presentation, go ahead and convince others
to stand back for answering questions. Brownie point, if all team members
can take part while not diminishing the quality of presentation.
Layout on stage: Again, this might be just me - but I have seen far too many
Indian groups cluttering at the computer to change slides and chit-chatting. I
prefer two persons standing in front and the other members evenly on either side.
One of the two persons would be presenting and if the judges or audience interrupt
you with a question, the other person should answer. Once your part is over, go
back and let another person come to the front.
Other presenter codes also come into play - eye contact, pitch, body language,
gestures, etc.

More than this, presentation should be a story-telling exercise. Go to a board, draw

out the story you want to present, back it up with your findings from the analysis and then
make a deck with action titles.
These competitions usually tend to judge you on a few criteria.

1. Structure: Focus on your structure. Your approach is of greater importance and

impact than finding the actual solution. And while segmenting into sub-problems,
try to follow the MECE principle (mutually exclusive and collectively exhaustive).
2. Assumptions: Try not to assume anything. If you assume, state them (explicitly).
Your assumption should also be practicable - shouldn't be from a parallel universe.
3. Flow: Your structure should flow in a logical and intuitive manner. When you
move from one part/section of the structure to another, synthesize before you
proceed. Engage your client. Your client should be able to easily grasp the full
context of the discussion.
4. Solution: It's great if your solution is innovative/out-of-the-box; but it should be
implementable at the same time. (Suggesting Apple to get rid of iPhone right now
is not a solution that the Apple Board would want to hear, I guess.)
5. Mathematics: You might need to do some back-of-the-envelope calculations
or guestimations during the Q&A session. Practice those and have a good
knowledge about order-of-magnitude of different parameters. (The Apple Cash
hoard is ~150 Bn USD and number of employees is ~75000. If you say the
number of employees is 150k or the cash reserve is 50Bn, then it doesn't give a
good impression.)
6. And quality of presentation.

All of the above come from my experience of two years of case solving and I was also an
engineer without any experience. So here's how I suggest you prepare.

Practice, practice, practice: Talk to a senior. Ask him/her to help you with
case practices. This is a must, because until you see somebody solve a case and
until that somebody explains you how (s)he did it, it's hat near impossible to
develop on your own. Once you have gained a basic understanding, find a practice
buddy. Pick up a case study book and sit down and practice those cases. This is the
way you can build up a framework of your own that you can use to solve any case.
Team dynamics: Find a team that will have less and constructive friction and no
free-riders. Motivate them. Teach them. Learn from them. Improve each other.
Your mutual cooperation will only lead you all to be better - get out of the idea that
helping somebody will diminish your competitive advantage.
Rehearse: Rehearse your presentation n-number of times until you can actually
present it without the deck. That's when it becomes a story-telling exercise. And
there's no powerful person on this planet than a story-teller. You can now convince
your judges and win it easily.