The party alleged Purohit, who has been in jail for the last nine years, was falsely implicated in the terror case by the UPA government.
"Lt. Col. Shrikant Purohit is a hero of the nation. He fought against terrorists in Jammu and Kashmir without bothering about his life," Shiv Sena leader Sanjay Raut told reporters here when asked about the SC ruling.
The Rajya Sabha MP said Purohitis also a "hero" for the youth due to his services rendered in the militancy- affected areas in Jammu and Kashmir.
The apex court imposed certain conditions on Purohit while granting bail.
Purohit had on August 17 told the apex court that he had been caught in the "political crossfire" and languishing in jail for nine years. He had moved the SC challenging the Bombay High Court's order dismissing his bail plea.
Seven people were killed in the terror attack on September 29, 2008 at Malegaon, a communally-sensitive textile town in Nasik district of north Maharashtra.