They were sentenced to seven years of imprisonment that would be adjusted against an equal length of period they have already spent in jail during the trial.
Hawara, awarded life term for the assassination of then Punjab chief minister Beant Singh in 1995, would remain in jail but the other four convicts would be released.
Additional Sessions Judge Rakesh Siddhartha convicted Jagtar Singh Hawara, Balwinder, Jaspal, Vikas and Jagannath.
The blasts took place May 22, 2005, during the screening of Hindi film "Jo Bole So Nihaal".
The court also slapped a fine of Rs.25,000 on each of the convicts.
The court observed that the intention of the accused persons was not to kill people but to create panic.
In the twin blasts case, Hawara was charged with harbouring Jaspal and Vikas, who were actively involved in executing the blasts.
Balwinder, Jaspal, Vikas and Jagannath pleaded guilty for the conspiracy to commit offences against the state, attempt to murder and culpable homicide not amounting to murder under the Indian Penal Code and the Explosives Substance Act.
The five also pleaded guilty under the terror charges.