The court granted Kulkarni bail on a bond of Rs 50,000 on the grounds of parity, as several other accused in the case including Lt Col Prasad Purohit, Sadhvi Pragya Singh Thakur and retired Army Major Ramesh Upadhyay, have already been given bail.
Six persons were killed and nearly 100 injured when a bomb strapped to a motorcycle exploded in Malegaon town of Nashik district on September 29, 2008.
Kulkarni, a printing press employee from Bhopal, was arrested soon after the blast.
It was also alleged that Kulkarni had been to Indore and Nashik to attend meetings in which the conspiracy was hatched.